Actuaries: The High-Paying, Low-Stress Job That’s in Demand
Workers have different priorities when it comes to the ideal job. According to a 2022 Gallup poll of 13,085 U.S. employees, 64% say pay and benefits are critical factors in accepting a job offer, while 61% say work-life balance and well-being are “very important.” The rise of remote work has played a role in shaping these preferences.
With that in mind, one career that meets many of these criteria is that of an actuary. Actuaries earn a median salary of $113,990 per year, according to the Bureau of Labor Statistics, and many are able to work either hybrid or fully remote.
Actuaries assess the risks of their clients’ activities, often on behalf of insurance companies. They use data about mortality, accidents, illness, disability, and more to build models of probability for various scenarios and provide advice accordingly.
To qualify for this role, a bachelor’s degree in a field such as mathematics or statistics, as well as experience in the industry, is typically required. Familiarity with coding or software is also important, along with soft skills and communication abilities. Some companies may also require candidates to be members of actuary groups such as the Casualty Actuarial Society.
Beyond the attractive salary and flexibility, the job is also in high demand. The Bureau of Labor Statistics projects that actuary employment will grow 23% between 2022 and 2032, much faster than the average for all occupations. Potential factors contributing to this demand include changes in the climate, prompting a need to assess the risks of natural disasters.
Another appealing aspect of the job is its relatively low stress. With a stress ranking of 57, actuaries are ranked among the lower-stress occupations based on measures of stress tolerance. The job’s 40-hour workweek and relative stability are cited as reasons for this low stress.
In conclusion, the role of an actuary is not only well-paying and flexible, but is also in high demand and low-stress, making it an attractive option for those seeking an ideal job.